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These days, finding an affordable place to live in the London area can be challenging. Home prices in London are now at a median cost of $257,507, lower than the California average of $812,006.
The average cost of rent is $1,059/mo in London, primarily driven by the current value of real estate in the London area. In London, 50.30% of households rent, and 63.71% of homeowners own their homes outright.
Housing affordability isn’t just about home prices, though. The average household income in London is $4,947 per month. Households that rent pay about 21.41% of their income on rent here. London’s most expensive areas are in the eastern regions, while the cheapest areas are in the central parts of the city.
Source: BestNeighborhood calculations from the U.S. Census Bureau, American Community Survey (ACS) 2020-2024 5-year estimates.
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